I purchased 2000 Ford Mustand in 2000 for $18,000. Dealer placed my loan with Americredit. Dealing with Americredit has been a nigthmare. They continuously harass me at work when my payments are late even through I have asked them to contact me at home. The representatives are rude and tell me that they wouldn't be making the call if I paid my bills. Even though I make payment arrangement with them, I still receive calls at my workplace on a daily basis and when I ask the rep weren't there notes that arrangements had been made, I was informed no. The financed amount was $21,285.35.
Here we are in and I have made 59 payments of $575.83. That totals $33,973.97. I still have 14 payments left plus current late charges of $511.89. Not only that, but I was informed that when my loan matures in May I will have to come up with a ballon payment of approximately $8,000 for accrued interest. That will be over $50,000 (more than my student loans) that I would have paid them, which doesn't even include the $12.95 for the use of quick collect ever month to expedite their payment, as to keep them off my back. And they tell me it's all my fault because i don't pay on time. Granted, I fell behind when I was laid off one time, and it's been difficult catching up every since, especially when they tack on late fees and additional interest charges. Not to mention the costs when they repossed it once, which was another $2,000. Furthermore, when they had it repossed, they phoned my workplace and told the receptionist that my car was being repossessed, which was very embarrassing.
This is a crazyiness. Just because I don't good credit, I shouldn't be taken advantage of like this. There should be laws to protect this type of abuse. I would gladly start a petition for a class action lawsuit against this company, as there seems to being several consumer complaints against them. Something should be done.
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